The Strategist

Global tech sector companies lay off over 34,000 people since the year beginning

02/13/2024 - 09:57

According to the website, global tech corporations let go 34,250 employees in total since the beginning of 2024.
Over that time, PayPal Holdings, eBay, and Microsoft Corp., all based in the United States, have reduced thousands of positions.

The total number of layoffs for the entire previous year was 263,000.

Analysts cited by the Financial Times claim that corporations might have initiated the layoffs to show shareholders that they are financially disciplined. This also frees up resources for investments in new sectors, like artificial intelligence and generative content creation.

"Layoffs will continue and may be even more widespread," said Jefferies analyst Brent Thill.